Sun Life Launches Same Day Insurance Claims Settlement Through its Mobile App

Sun Life announced today, a newly launched feature on the My Sun Life HK app which enable claims submissions from individual insurance clients to be approved and paid within 24 hours.

The 24 hours approval will for now, be available only to hospitalisation and accident claims, which account for over 95% of all claims that Sun Life receives.

This new service is made possible through the company’s Straight-Through-Proccessing System and Faster Payment System (FPS) infrastructure by the HKMA and will be made available 12th December 2018 onwards

This move is perhaps in response to the myriad of insurtech players like WeSure and Blue recently entering the market with faster and more seamless digital services.

Sun Life’s General Manager, Belinda Au, acknowledges that technology is now an enabler that ensures they stay relevant with their clients and added that this new launch is the beginning of their digital journey; with better new services to be launched down the line.

In related news, Sun Life also shared that they will be launching SunSmart, a service designed to help their financial advisors to view client portfolios on the go.

The SunSmart service according to the insurer will also enable clients to complete the application process within 15 minutes, which it claims to be the fastest turnaround time in Hong Kong.

Hong Kong is expected to see a boost in fintech activity after a relatively disappointing year in 2018 as the region saw a sharp dip in the total value of The post A Snapshot of Fintech in Hong Kong in 2019 appeared first on Fintech Hong Kong.